Business

Foreigners’ appetite for large caps lifts Kospi

Korean shares on Tuesday ended higher as foreigners snapped up large-cap shares amid worries over trade friction between the United States and China. The won appreciated against the dollar.

The benchmark Kospi gained 22.18 points, or 0.99 percent, to close at 2,270.06. Trading volume was moderately light at 5.1 trillion won ($4.6 billion).

Foreigners bought a net 106.7 billion won worth of stocks. Institutions sold a net 17.0 billion won while individuals sold a net 151.5 billion won.

“Investors took a wait-and-see stance towards the U.S.-China trade talks that will be held from Aug. 22 to 23,” said Kiwoom Securities analyst Suh Sang-young. “Exports-oriented stocks will move depending on the results of the talks.”

The secondary Kosdaq climbed 17.37 points, or 2.26 percent, to 787.15. The tech and bio-heavy index ended over 2 percent higher from large foreign and institutional buying despite the 0.2 percent decline in the U.S. Nasdaq biotech index.